Henry Kravis, co-founder of US buyout firm Kohlberg Kravis Roberts, will auction a painting by French impressionist Edgar Degas at Sotheby’s in New York with an estimated value of more than $40m (€31m) next Monday.

Kravis bought the 1879 work Danseuse au Repos (pictured) for a reported $28m, a record for the artist, in 1999.

Kravis, who is married to the president of New York’s Museum of Modern Art, Marie-Josée Kravis, will receive a guaranteed payment of an undisclosed sum from the auction house regardless of the sale’s outcome, according to Bloomberg.